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Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Contract Maturity of Available-for-Sale Securities
The following table summarizes the contract maturity of the available-for-sale securities we held as of June 30, 2025:
 
 
One year or less  66%
After one year but within two years  29%
After two years but within three and a half years 5%
Total  100%
Summary of Investments
The following is a summary of our investments (in thousands):
 
 Amortized Gross Unrealized Estimated
June 30, 2025Cost Gains Losses Fair Value
Available-for-sale debt securities:       
Corporate debt securities (1)$607,088  $242  $(373)  $606,957 
Debt securities issued by U.S. government agencies 122,690   66   (53)   122,703 
Debt securities issued by the U.S. Treasury (1) 593,378   168   (449)   593,097 
Debt securities issued by states of the U.S. and political subdivisions of the states 6,851   2   (1)   6,852 
Total debt securities with a maturity of one year or less 1,330,007   478   (876)   1,329,609 
Corporate debt securities 458,306   1,484   (361)   459,429 
Debt securities issued by U.S. government agencies 71,028   178   (87)   71,119 
Debt securities issued by the U.S. Treasury  184,559   366   (41)   184,884 
Debt securities issued by states of the U.S. and political subdivisions of the states 2,216   1   -   2,217 
Other municipal debt securities 698   -   (1)   697 
Total debt securities with a maturity of more than one year 716,807   2,029   (490)   718,346 
Total available-for-sale debt securities$2,046,814  $2,507  $(1,366)  $2,047,955 
Equity securities:       
Publicly traded equity securities included in other current assets (2)$11,897  $38  $(8,946)  $2,989 
Privately held equity securities included in deposits and other assets (3) 4,905   25,001   (7,090)   22,816 
Total equity securities  16,802   25,039   (16,036)   25,805 
Total available-for-sale debt and equity securities$2,063,616  $27,546  $(17,402)  $2,073,760 
 Amortized Gross Unrealized Estimated
December 31, 2024Cost Gains Losses Fair Value
Available-for-sale debt securities:       
Corporate debt securities (1)$593,810  $487  $(240)  $594,057 
Debt securities issued by U.S. government agencies 143,647   287   (39)   143,895 
Debt securities issued by the U.S. Treasury (1) 657,285   825   (120)   657,990 
Debt securities issued by states of the U.S. and political subdivisions of the states 7,516   8   -   7,524 
Total debt securities with a maturity of one year or less 1,402,258   1,607   (399)   1,403,466 
Corporate debt securities 439,561   723   (2,275)   438,009 
Debt securities issued by U.S. government agencies 65,255   137   (289)   65,103 
Debt securities issued by the U.S. Treasury  149,086   124   (476)   148,734 
Other municipal debt securities 698   -   (2)   696 
Total debt securities with a maturity of more than one year 654,600   984   (3,042)   652,542 
Total available-for-sale debt securities$2,056,858  $2,591  $(3,441)  $2,056,008 
Equity securities:       
Publicly traded equity securities included in other current assets (2)$11,897  $26  $(6,660)  $5,263 
Privately held equity securities included in deposits and other assets (3) 23,115   25,001   (7,093)   41,023 
Total equity securities  35,012   25,027   (13,753)   46,286 
Total available-for-sale debt and equity securities$2,091,870  $27,618  $(17,194)  $2,102,294 
 
(1)   Includes investments classified as cash equivalents in our condensed consolidated balance sheets.
 
(2)  Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the six months ended June 30, 2025, we recorded a $2.3 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our investments in publicly traded companies.
 
(3)  Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the six months ended June 30, 2025, the amortized cost of our privately held equity securities decreased because we recorded a loss of $18.2 million in our condensed consolidated statements of operations related to an impairment of our investment in a privately held company.
Temporarily Impaired Investments
The following is a summary of our investments we consider to be temporarily impaired at June 30, 2025 (in thousands, except for number of investments):
 
   Less than 12 Months of Temporary Impairment More than 12 Months of Temporary Impairment Total Temporary Impairment
 Number of Investments Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses
Corporate debt securities  252  $544,205  $(728)  $1,958  $(6)  $546,163  $(734) 
Debt securities issued by U.S. government agencies 44   87,403   (140)   -   -   87,403   (140) 
Debt securities issued by the U.S. Treasury  76   488,942   (440)   13,040   (50)   501,982   (490) 
Debt securities issued by states of the U.S. and political subdivisions of the states 6   3,677   (1)   -   -   3,677   (1) 
Other municipal debt securities 1   697   (1)   -   -   697   (1) 
Total temporarily impaired debt securities 379  $1,124,924  $(1,310)  $14,998  $(56)  $1,139,922  $(1,366)